North Carolina Down Payment Assistance Programs
Online Merchant account - The North Carolina Housing Finance Agency has two amazing plans for First Time Home Buyers. These systems are the Mortgage Credit Certificate as well as the deposit Assistance Program.
Should you qualify for one of these programs and you also buy a house and December 1, 2009, you may also qualify for the $8,000 tax credit only enacted into law in the Federal Economic Stimulus Plan.
First, who is a First Time Home Buyer? A first-time Home Buyer is someone who hasn't owned a house in the previous three years. It is exactly the same qualifying definition for the $8,000 tax credit.
A Mortgage Credit Certificate (MCC) is a federal tax credit to help home buyers with low and moderate incomes. The MCC takes this a step farther.
In case you are eligible for the MCC, it is possible to claim 20% of the interest you pay as a credit in your federal income taxes on your own mortgage. It's possible for you to save up to .
You may have the ability to combine this should you qualify for 2009, for the MCC. This may reduce the tax liability of a buyer's by $10,000.
Who Qualifies for an MCC?
Who qualifies for an MCC is based on the purchase price of the house along with your income you are buying. Household income is defined as the “gross income of the mortgagor and any other individual anticipated to live in the dwelling who's 18 years old or older.”
The income and house price limits that apply in Durham Orange and Chatham Counties are given below.
MCC Income Limits 1 Man $61,500 2 Individuals $61,500 3 Men $70,500 4 Men $70,500
MCC Sales Cost Limits New House $220,000 Existing Residence $210,000
The buyer only has to pay and the load would pay around $8,000 of the remaining balance.
This plan has more rigorous income limitations than the MCC plan outlined above. Like the MCC application, it can be utilized together with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit help, nevertheless, can't be used in combination together with the MCC. This is an either or scenario.
The income and house price limitations that apply in Orange, Durham and Chatham Counties are listed below.
Down Payment Assistance Income Limits
1 Person $39,950 2 Persons $45,650 3 Individuals $51,350 4 Individuals $57,050
Down Payment Support Sales Cost Limits New Dwelling $210,000 Existing Residence $210,000